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Tencent grabs stake in Caixin Media
By Ding Yining |
July 19, 2012, Thursday
|
Online Edition
Online Edition
TENCENT, China's largest Internet company by market value, has bought an undisclosed stake in one of the nation's leading business news providers Caixin Media.
Caixin Media recently completed a new financing round and introduced Tencent as one of its shareholders, while its other major shareholder Zhejiang Daily Press Group will keep its 40 percent stake, the financial news publisher said on its official microblog today.
The company added that it will remain independent in terms of news reporting and Tencent will not be involved in its daily operations. Caixin Media was established in 2009 and Zhejiang Press Group paid 40 million yuan for a 40 percent stake, with four other minor shareholders.
Previous media reports said Tencent has taken a 19.9 percent stake at 56.5 million yuan (US$9 million), but Ma Ling, director of brand and communications at Caixin Media, refused to comment on the details of the investment.
Caixin Media, headed by veteran editor-in-chief Hu Shuli, publishes the Century Weekly magazine and the Caixin-China Economics & Finance monthly. It also runs news websites in both Chinese and English.
An official from Tencent's investment unit could not be reached for comment today.
Tencent has been expanding its service for online users. Last year, the Internet company invested 380 million yuan for a 20 percent stake in Shanghai-based Emoney Software Technology Co, a securities trading software developer.
It also paid 445 million yuan last year to acquire a 4.6 percent stake in film production firm Huayi Brothers Media Corp.
Caixin Media recently completed a new financing round and introduced Tencent as one of its shareholders, while its other major shareholder Zhejiang Daily Press Group will keep its 40 percent stake, the financial news publisher said on its official microblog today.
The company added that it will remain independent in terms of news reporting and Tencent will not be involved in its daily operations. Caixin Media was established in 2009 and Zhejiang Press Group paid 40 million yuan for a 40 percent stake, with four other minor shareholders.
Previous media reports said Tencent has taken a 19.9 percent stake at 56.5 million yuan (US$9 million), but Ma Ling, director of brand and communications at Caixin Media, refused to comment on the details of the investment.
Caixin Media, headed by veteran editor-in-chief Hu Shuli, publishes the Century Weekly magazine and the Caixin-China Economics & Finance monthly. It also runs news websites in both Chinese and English.
An official from Tencent's investment unit could not be reached for comment today.
Tencent has been expanding its service for online users. Last year, the Internet company invested 380 million yuan for a 20 percent stake in Shanghai-based Emoney Software Technology Co, a securities trading software developer.
It also paid 445 million yuan last year to acquire a 4.6 percent stake in film production firm Huayi Brothers Media Corp.
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